Last month I talked about the foreclosure issues in this country and who’s to blame. I do feel bad for the people who are behind the 8-ball and are trapped in the corner looking for some relief, but I’m an investor and I know that the time is now to start looking for some properties that are on the market (many of them are foreclosure properties). I live in Florida and there are many homes right here in my city that are up for grabs, some of them are duplexes and tri-plexes that other investors have and are taken a beaten with the properties.
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I’ve been looking at these investments for over six months now and most of them have come down on their asking price. One particularly that I have in mind has come about 25% since I first looked at it in February. The owner is in talks with the bank and so far he’s been able to hold on to it. At the price that he was asking for back then, it wasn’t a wise investment. Now that he’s come down to his new price, It’s really looking appealing. I will be talking to my Realtor after the holiday weekend to have her make him an offer that will be about 15-20% lower than what he’s asking. If he refuses to budge on the price that will be OK. If he takes my offer then it just might be a good investment. Of course I will have to look at his financial statements as well as the rent-rolls to make that final decision. The way I write my contracts, they all have several clauses that if for one reason or another I don’t think that the purchase is not a good deal, then I have a way to exit the agreement.
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I don’t know if you invest in real estate or not, but for me it’s a great way for passive income. You might want to look into it.
Hello.
I would like to put a link to your site on my blog roll if you want to do the same for mine. It would be a good way to build up both of our readerships.
thank you.